Shibarium has had quite a bit adoption and growth since launch. The layer 2 solution has grown in several metrics over the months, demonstrating strong momentum. Shibarium is close to the milestone of 4 million in total transactions. At the same time, whales are increasing their activity as large transactions spiked last week.
Shibarium is approaching 4 million transactions
The momentum behind Shiba Inu’s proprietary scaling solution is growing at an incredible pace. Shibarium has taken off and become the preferred method for both SHIB whales and retail investors to buy and sell SHIB tokens.
According to NOWNodes, Shibarium was one of the best performing networks this month, as the blockchain node provider reached 66 million processed requests to Shibarium. In less than three months since launch, the network is now approaching four million transactions and shows no signs of slowing down.
@ShibariumNet was one of the best performing networks in our ecosystem this month 🥇
Our team has created a Milestone Report dedicated to the network’s success, latest updates and highlights
Step into our new 🧵 https://t.co/t4e5ljoXNi pic.twitter.com/WHyZZCQAE0
— NOWNodes ⛓️ (@NOWNodes) November 3, 2023
Dates of Shibarium scan estimates the total number of transactions at the time of writing to be 3.81 million, with a total of 1.51 million blocks mined. The number of daily transactions has also reached 13,700 in the past 24 hours and the number of wallet addresses recently passed 1.26 million.
At the same time Shiba Inu whales have increased their activity. Data from IntoTheBlock has shown that the Shiba Inu ecosystem saw a 45% jump in high transaction volume, which totaled $46.12 million as October came to a close.
SHIB market cap currently at $4.839 billion. Chart: TradingView.com
Road to $0.1 for Shiba Inu?
News from the past around Shibarium has always had a positive impact on SHIB’s price. Each new milestone and benchmark achieved in Shibarium’s development creates excitement and drives up the price of SHIB. At the time of writing, SHIB is trading at $0.000008154 and currently only 22.14% of holders are making a profit.
Exceeding the four million mark in Shibarium could lead to new hype in the Shiba Inu ecosystem, if only temporarily. This could push Shiba Inu past the current resistance at $0.0000082 and towards the August high at $0.00001072.
As more SHIB holders discover the benefits of Shibarium, such as lower fees and faster transaction speeds, the pace of adoption will only increase. At the same time, various developments point to sustainable price growth for SHIB.
Shytoshi Kusama, lead developer of SHIB, recently revealed a name service on Shibarium to convert complex Shibarium addresses into simple, human-readable names. A price of $0.1 seems very unrealistic right now, but updates like these indicate a starting point for sustainable price growth.
Featured image from Pexels